{"id":60161,"date":"2023-09-12T18:12:27","date_gmt":"2023-09-12T22:12:27","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/citgo-valued-at-32-billion-40-billion-ahead-of-auction-of-shares-court-hearing\/"},"modified":"2023-09-12T18:12:32","modified_gmt":"2023-09-12T22:12:32","slug":"citgo-valued-at-32-billion-40-billion-ahead-of-auction-of-shares-court-hearing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60161","title":{"rendered":"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing"},"content":{"rendered":"
\n

By Marianna Parraga and Tom Hals<\/p>\n

HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at between $32 billion and $40 billion, according to a court official during a hearing in Delaware on Tuesday.<\/p>\n

The value of the Houston-based refiner was disclosed during the hearing to update a U.S. judge on talks to enact a court-ordered auction of shares in Citgo’s parent to satisfy more than $23 billion in claims against Venezuela and its state oil company PDVSA.<\/p>\n

The refiner’s value was based on Citgo’s earnings of $4 billion before interest, taxes, depreciation and amortization, Ray Schrock, an attorney for a court official, told the court. He said Citgo’s parent was seeking an indemnity bond of that value in a related dispute over the parent’s share certificate.<\/p>\n

Schrock represents a special master appointed by U.S. District Court Judge Leonard Stark in Wilmington, Delaware, to assist with the sale of the shares of Citgo’s holding company.<\/p>\n

A total of 21 creditors have notified the special master they have claims worth more than $23 billion against Venezuela and PDVSA, Schrock said.<\/p>\n

The creditors hope to satisfy those debts by obtaining shares of the company that owns Citgo Petroleum.<\/p>\n

Citgo did not immediately reply to a request for comment. Venezuelan President Nicolas Maduro has criticized the auction and said the company “has been kidnapped by the United States.”<\/p>\n

Citgo is the seventh-largest U.S. oil refiner with plants in Illinois, Louisiana and Texas that can process up to 807,000 barrels per day of crude, and a retail network of more than 4,400 outlets.<\/p>\n

The court is expected to approve a sales procedure and schedule, which could see an auction of shares begin as soon as Oct. 23. The process is expected to take at least nine months.<\/p>\n

Stark said he will soon decide the estimated dates by which the creditors must complete procedures to obtain writs of attachment to participate in the auction. The special master proposed a date around Jan. 12, the attorney Schrock said, while lawyers representing Venezuela proposed a date of Dec. 22.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Marianna Parraga and Tom Hals HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at between $32 billion and $40 billion, according to a court official during a hearing in Delaware on Tuesday. The value of the Houston-based refiner was disclosed during the hearing to update a U.S. judge […]<\/p>\n","protected":false},"author":1,"featured_media":2112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-60161","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nCitgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Marianna Parraga and Tom Hals HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=60161\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"By Marianna Parraga and Tom Hals HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=60161\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-12T22:12:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T22:12:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/indicatornews_3_800x533_L_1412601605.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60161#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60161\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing\",\"datePublished\":\"2023-09-12T22:12:27+00:00\",\"dateModified\":\"2023-09-12T22:12:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60161\"},\"wordCount\":363,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60161#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60161\",\"url\":\"https:\/\/ifintechworld.com\/?p=60161\",\"name\":\"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-09-12T22:12:27+00:00\",\"dateModified\":\"2023-09-12T22:12:32+00:00\",\"description\":\"By Marianna Parraga and Tom Hals HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=60161#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=60161\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=60161#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing | iFintechWorld","description":"By Marianna Parraga and Tom Hals HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=60161","og_locale":"en_US","og_type":"article","og_title":"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing | iFintechWorld","og_description":"By Marianna Parraga and Tom Hals HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at","og_url":"https:\/\/ifintechworld.com\/?p=60161","og_site_name":"iFintechWorld","article_published_time":"2023-09-12T22:12:27+00:00","article_modified_time":"2023-09-12T22:12:32+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/indicatornews_3_800x533_L_1412601605.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=60161#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=60161"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing","datePublished":"2023-09-12T22:12:27+00:00","dateModified":"2023-09-12T22:12:32+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=60161"},"wordCount":363,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=60161#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=60161","url":"https:\/\/ifintechworld.com\/?p=60161","name":"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-09-12T22:12:27+00:00","dateModified":"2023-09-12T22:12:32+00:00","description":"By Marianna Parraga and Tom Hals HOUSTON\/WILMINGTON (Reuters) -Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=60161#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=60161"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=60161#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Citgo valued at $32 billion-$40 billion ahead of auction of shares -court hearing"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60161"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60161\/revisions"}],"predecessor-version":[{"id":60162,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/60161\/revisions\/60162"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/2112"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}